In this week’s recap, we found that U.S. and global stocks, in general, ended the week higher and at several all-time highs, despite the expansion of the Delta variant of Covid-19 and global supply shortages. U.S. wholesale prices rose sharply in July for the 6th consecutive month & offered little evidence that a big wave of inflation is on the verge of cresting. The producer price index jumped +1% last month. Analysts had forecast just a +0.6% increase. The pace of wholesale inflation over the past 12 months moved up to +7.8% from +7.3% in June. That’s the highest level since the index was reconfigured in 2010, & likely 1 of the highest readings since the early 1980s. U.S. gov’t posted July budget deficit of $302B, a record for that month. U.S. deficit 1st first 10 Mos of fiscal 2021 came to $2.540T
As the U.S. stock market reaches new all-time highs & inflation hits a 13-year high as well, at its highest levels since 2008, with the currency circulation increasing by $226.3B, Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted as follows: “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one.”
Poly Network said Thursday nearly all of the over $600M stolen in 1 of the biggest cryptocurrency heists ever, has now been returned by hackers, except $33M worth of the tether digital coin has been transferred back. However, the last $268M of assets is locked in an account that requires passwords from both Poly Network & the hacker to gain access.
Soccer superstar Lionel Messi’s new team, PSG, said Thursday that his wage package includes a cryptocurrency called “PSG Fan Tokens.” The move to partially pay Messi in crypto makes it 1 of the “most innovative and avant-garde brands in the sport globally.” Messi signed a 2-year deal with PSG this week. The deal will net Messi a yearly salary of $41M & a reported signing bonus of $30M.
U.S. oil prices dropped on Wednesday; the Taliban control 65% of Afghanistan and could take its capital in 90 days; NASA is launching a mission to study an asteroid with more than $10,000 quadrillion worth of precious metals; China’s measures to combat Delta variant will affect energy demand; world coffee price continues to rise decided by the shortage of world supplies; Berkshire Hathaway reports 21% increase in Q2 profit.